Fintech platform FlexiLoans partners with Vivriti Capital to disburse loans worth Rs 300Cr to MSMEs
Fintech lender FlexiLoans.com has partnered with financial services company Vivriti Capital to provide working capital financing to micro, small and medium enterprises (MSMEs) by disbursing loans worth Rs 300 crore.
The MSMEs will be able to apply for these loans online and will also receive in-principal approval within 24- 48 hours digitally without any manual intervention.
Commenting on this announcement, Deepak Jain, co-founder of FlexiLoans.com said, "Vivriti has been our long-standing lending partner and its digital-first approach, deep lending expertise syncs perfectly well with our co-lending ideology of providing quick, hassle-free and adequate financing to the deserving small merchants across India."
This partnership will be powered by the fintech platform's technology and credit underwriting product, 'BiFrost', which has been fully integrated with Vivriti's co-lending platform- CredAvenue.
The aim of this initiative is to reach out to more than 10,000 MSMEs in the next 12-18 months.
FlexiLoans.com Cofounders (L:R) Manish Lunia, Abhishek Kothari, Ritesh Jain, Deepak Jain
FlexiLoans was launched in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia and Ritesh Jain. So far, the company claims to have disbursed more than Rs 1,000 crore worth of loans to more than 30,000 customers across more than 1,500 cities in India including Tier II, III and IV cities.
The second wave of coronavirus has left the micro, small, and medium enterprises (MSMEs) in the lurch. While the sector was recuperating from the impact of the first wave including the lockdown that brought production activities to a halt and disrupted supply chains, the second wave has once again brought the entire sector to a standstill.
According to a survey by Care Ratings, as many as 84 percent of respondents said the deadly second wave of COVID-19 has escalated business uncertainty. They survey also revealed that over 40 percent of the MSMEs were likely to borrow in the coming six months, whereas 41 percent said they didn't want to resort to lending.